HSBC buys L&T Mutual Fund for around Rs.3,200 billion

In a further consolidation in the mutual fund segment, L&T Finance Holdings has proposed to sell its mutual fund business L&T Investment Management Ltd (LTIM) to HSBC Asset Management (India) Ltd for 425 million US dollars (approximately 3,200 billion rupees). LTIM will eventually merge with HSBC’s asset management business in India.

The two companies have reached a definitive agreement whereby HSBC AMC will acquire 100 percent of the shares in L&T Investment Management Ltd, a wholly owned subsidiary of L&T Finance Holdings (LTFH), the investment manager of the L&T Mutual Fund.

L&T MF has assets under management of Rs 80,000 billion. HSBC intends to merge LTIM’s activities with those of its existing asset management business in India which had assets under management (AUM) of Rs 11,700 crore as of September 2021.

LTFH is also entitled to excess cash in LTIM until the acquisition is complete. “The transaction is subject to the necessary regulatory approvals. Both LTIM and HSBC AMC will work to ensure that services for their investors and counterparties continue in the meantime, “LTFH said in a statement.

The divestment of the mutual fund business is in line with L&T Finance Holdings’ strategic goal of extracting value from its subsidiaries to strengthen its balance sheet.

Dinanath Dubhashi, MD & CEO, L&T Finance Holdings, said, “The transaction with HSBC is in line with our strategic goal of unlocking value from our subsidiaries, which will help us strengthen our balance sheet for our lending business …”

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